The following information applies to the questions displayed below.] Kohler Corporation reports the following components of stockholders equity on December 31, 2015:

Common stock$25 par value, 100,000 shares authorized, 55,000 shares issued and outstanding	$	1,375,000
Paid-in capital in excess of par value, common stock		70,000
Retained earnings		430,000
Total stockholders equity	$	1,875,000

In year 2016, the following transactions affected its stockholders equity accounts.

Jan.	1		Purchased 6,000 shares of its own stock at $20 cash per share.
Jan.	5		Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
Feb. 28			Paid the dividend declared on January 5.
July 6			Sold 2,250 of its treasury shares at $24 cash per share
Aug.	22		Sold 3,750 of its treasury shares at $17 cash per share.
Sept.	5		Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct.	28		Paid the dividend declared on September 5.
Dec.	31		Closed the $388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

1. Prepare journal entries to record each of these transactions for 2016.

Date	General Journal	Debit	Credit
Jan 01	Treasury stock, Common	?
	Cash		?
Jan 05	Retained earnings	?
	Common dividend payable		?
Feb 28	Common dividend payable	?
	Cash		?
Jul 06	Cash	?
	Treasury stock, Common		?
	Paid-In capital, Treasury stock		?
Aug 22	Cash	?
	Paid-In capital, Treasury stock	?
	Retained earnings	?
	Treasury stock, Common		?
Sep 05	Retained earnings	?
	Common dividend payable		?
Oct 28	Common dividend payable	?
	Cash		?
Dec 31	Income summary	?
	Retained earnings		?

2. Prepare a statement of retained earnings for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

KOHLER CORPORATION

Statement of Retained Earnings
For Year Ended December 31, 2016
Retained earnings, Dec. 31, 2015	?
Add: Net income	?
	$?
Less: Cash dividends declared	?
Add: Treasury stock reissuances	?
Retained earnings, Dec. 31, 2016	$?

3. Prepare the stockholders' equity section of the companys balance sheet as of December 31, 2016.

KOHLER CORPORATION
Stockholders' Equity Section of the Balance Sheet
December 31, 2016
Common stock - $25 par value	?
Paid-in capital in excess of par value, common stock	?
Total contributed capital	?
Retained earnings	?
Total stockholders' equity	$?